As a landlord in this uneven and unpredictable economy – and amidst the COVID-19 pandemic – you want to do everything possible to secure maximum revenue from your rental property. That means there is little room for error as you present your apartments, houses, etc., to prospective renters.
As it turns out, there are a number of steps you can take to ensure your rental property is highly competitive in an already tight renter’s market. Take any or all of these following measures to position your Tri-Cities rental property to lease faster and attract higher quality tenants.
6 Ways to Increase the Value of Your Tri-Cities Rental Property
- Improve the Appearance of the Front of Your Property
Prospective renters tend to decide on whether to rent a property or not in minutes. Key aspects to think about are tending to window shutters, painting the front door, mowing the lawn, and hedging any bushes or trees, as modifications that could make or break a rental agreement.
Always be thinking how you can optimize curb appeal when it comes to your rental property. For example, always be sure to have a nicely manicured lawn, devoid of weeds. Your lawn should be green and attractive.
Remember, you don’t have long to make a first impression.
- Rental Price
Your rental price is very important when it comes to ensuring adequate revenue for your property. Consider that your rental property will be on the market longer than the average property. The vacancy time will cut into your profit and the amount you can collect over time. You’re advised to price the home just below the market, and keeping it occupied will have an impact on the rent you collect.
What’s more, renters pretty much assume you will raise the rent every year. So you might as well do so. These rent increases will help to ensure your rent is the same in inflation-adjusted terms, and the adjusted rent price will likely strengthen your bottom line.
- Maintenance and Preventative Maintenance
Be aware of maintenance and avoid deferred maintenance. For example, you will want your gutters cleaned frequently and you should repaint the house as needed. Also make sure the windows are kept clean. Maintenance measures such as these could increase the value of your Tri-Cities rental property.
Additionally, some of the best methods for increasing your profit on your rental property involve lowering expenses. This is where preventative maintenance comes in. It is not the responsibility of the tenants to replace furnace filters, clean off A/C compressors, etc. That is in your purview. But small repairs like these could potentially save you thousands of dollars in HVAC and foundation repairs.
You also want to be on the lookout for leaks, as they can cause major dry rot and water damage.
We recommend you conduct at least semi-annual inspections of your rental property in order to identify and resolve these types of maintenance issues.
Remember, good maintenance is essential when it comes to tenant retention. Providing good quality maintenance for your rental property will do a great deal toward keeping you in good favor with your tenants and increasing the chances they will renew their rental contract.
- Quality Advertising
The last thing you want to do is to undersell your rental property. Merely putting a sign out in front of your property is doing just that. This means you are under-renting it.
What you should do is invest in a top-end camera and take high quality pictures of your rental property. Afterall, you want to showcase your property in the most flattering way possible so you can attract better quality renters, who will then tell their friends, and so on.
- Have Ample Lighting & Overall Good Appearance
You always want to make sure your rental property is kept impeccably clean and in good order. Also make sure the unit is well-lit when your renter prospect arrives to evaluate it. Dark rooms look smaller and less welcoming.
You’ll find that it’s the small measures that can make all the difference. For example, put air fresheners in the apartment or house to ensure it has a pleasant aroma. What you might consider trivial could be the deciding factor when a prospective tenant decides which rental property will satisfy their personal needs.
Full-Service Property Management with Jerry D. Abrams Company, Inc.
Jerry D. Abrams Company, Inc. manages commercial properties throughout the
Tri-Cities. We aggressively work toward reducing operating expenses and increasing cash flow for our clients. Our team of professionals has the experience of managing investment properties for more than 40 years.
By choosing Jerry D. Abrams Company, Inc., you ensure that your investment is being managed by someone who has management as the primary focus of our business. Our objectives include performance excellence, professionalism, communication, responsive/personal service and attention to detail.